TotalEnergies income falls 31% in Q4 ’23

TotalEnergies reported a 31 per cent decrease in adjusted net income to $5.2 billion in the fourth quarter of 2023, compared to the same period in 2022, attributed to lower oil prices and refining margins, according to a statement on Wednesday.

The company’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) also declined by 27 per cent to $11.7 billion in the fourth quarter of 2023, and production decreased by 12 per cent to 2.483 million barrels per day compared to the same period in 2022.

Adjusted net income for the full year reached $23.2 billion, 36 per cent down from 2022 due to falling oil prices during Russia’s invasion of Ukraine. TotalEnergies proposed a dividend of 3.01 euros per share for 2023, up 7.1 per cent from 2022.

The group plans to invest $17-18 billion in 2024, with $5 billion dedicated to its integrated power section.